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if $𝐬 𝐟 𝐮 𝐬 𝐞 𝐡 𝐢 𝐬 𝐭 = 1$ then (use history)

$S F I N S T A B A L L_{γ}^{t} = \frac{P r e d i c t e d T e r m_{f}^{t}}{P r e d i c t e d T e r m_{f}^{t - 1}} * {𝐒 𝐅 𝐈 𝐍 𝐒 𝐓 𝐀 𝐁 𝐀 𝐋 𝐋}_{γ}^{t - 1}$

where

$P r e d i c t e d T e r m = A N A L F U N (G D P P C P_{γ}^{t}, D e m o c T e r m^{t}, I n f M o r T e r m^{t}, T r a d e T e r m^{t}, E d u c 25 T e r m^{t})$

$D e m o c T e r m = D e m o P o l i t y_{γ}$

$I n f M o r T e r m = \frac{I N F M O R_{γ}}{W I N F M O R}$

$T r a d e T e r m = \frac{X_{γ} + M_{γ}}{G D P} * 100$

$E d u c 25 T e r m = E D Y R S A G 2 5_{γ}$

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